We’ve witnessed a trend among “baby boomers” abandoning their big suburban houses for the thrill of city living in recent years and move to condos. And we’re seeing the opposite from millennials; who are leaving behind modest rooms as well as the rush and bustle of the city. They’re ready to explore a new world of suburban life, complete with single-family homes; greater storage and closet space, and their own outdoor space. That is why in today’s market, selling your condo to millennials is quite a challenge.
These millennials, who were born between the mid-1980s and the late 1990s; grew up in a changing cultural and social milieu. Their experiences differ from those of their Baby Boomer parents; and as a result, their tastes change from those of their parents who purchased a generation before.
Condo is not only a sensible investment choice for the millennial generation; but it is also an important component of their dream.
However, this generation is considered to be more patient when it comes to purchasing; and it is typical for them to live with their parents after college in order to save money. Living with parents is regarded as a viable choice because many millennials have yet to obtain steady employment after graduating from college. Others claim that they are generally closer to their parents in terms of relationships; making “going back home” a more appealing choice.
Here are some factors that will assist you in selling to millennial buyers.
If you want to keep a steady stream of millennial clients, as a realtor you better have a good reputation online. Millennials aren’t afraid to shop around for the realtor that best fits their needs – contacting at least two agents when buying a home and three when selling. The best way to gain a 30-something client is to ask previous clients for good reviews. Six out of every 10 millennial homebuyers read online reviews about a realtor before agreeing to work with them. If you need to talk to your millennial client, most prefer to speak on the phone.
Millennials are extremely active.
Today’s young people work long hours and want to spend their leisure time with friends and family.
They are also less stable than their parents’ generation. As a result, when it comes to real estate, many of them are looking for turn-key houses for quick and simple move-in. They can’t see spending the time to renovate a bathroom or kitchen.
Regardless of how appealing the possibility is, many of today’s purchasers aren’t interested in painting or “making it their own,” as our parents were when they moved into homes they expected to live in for 30 years or more.
Home buying is similar to dating.
Millennials grew up with their phones in their hands. They take a taxi and place meal orders with their fingers. Instead of meeting in a bar, people now date with their thumbs. Swipe right to accept the possible partner, or swipe left to reject them.
When it comes time to buy a property, they have a similar experience, due to cellphones and real estate applications. As a home seller, you and your agent must invest a significant amount of time and money in photographing your property. If you don’t, you could not receive a first “date” with your potential partner. If the customer isn’t drawn to your photographs, they’ll go on to the next.
Bigger isn’t always better.
A mansion with triple master closets, huge Jacuzzi tubs, formal rooms, and large basements was a show of success and sought after by home buyers in the 1980s.
Today’s millennials want smaller, simpler homes on smaller lots. Larger houses, or any acreage larger than half an acre, imply more labor and care for these first-time purchasers, who are used to living the simple life.
You can’t make your house smaller, but if you’re serious about selling and want to account for this trend, your asking price should be competitive.
Location is more important than ever.
Millennial consumers want the greatest urban experience they can get in the suburbs. This implies that residences within walking distance of a village or town, near a train station, and in busy areas are among the most desirable.
While being out of town, isolated, and with more acreage was a prestige symbol in the 1980s, it is now a deal breaker. You can’t move your house to a better location, but you may modify your pricing to match the market.
If you are a Baby Boomer selling a long-term family home now or in the future and the millennial is your possible buyer (think: customer), you must adapt your attitude to meet theirs.
You can’t presume that everything from your first house search is still relevant now. Get a head start, otherwise, your house may be on the market for months (or even years).
Camella Manors Bacolod is the first Camella Manors development in the Visayas to join the Vista Land community. Camella Manors is Vista Land’s newest mid-rise condominium brand, with locations in Metro Manila’s neighboring provinces. It offers both lifestyle upgrades and resort-themed amenities for young professionals, new families, investors, and Overseas Filipino Workers (OFWs).
Camella Manors Bacolod offers a one-of-a-kind resort-style condo experience equipped with premium amenities and features. In the heart of Bacolod, it pioneers hassle-free urban life. The 1.1-hectare mid-rise condominium complex consists of four buildings.
The first two buildings will be ready for use within a year. It plans to open units in Buildings 1 and 2 in the second quarter of this year. Ibiza and Majorca are both seven-story structures. A studio and a one-bedroom unit are both 30.36 square meters in size. Capri’s third building, which will open soon, will be available for pre-sale. A condo unit in Capri measures 23.76 square meters.
The condo community is located at Mandalagan, Bacolod City, along the Cordova-Buri Road. The affordable condo in Bacolod offers the finest value for money thanks to its numerous amenities, which include a swimming pool, kiddie pool, fitness facility, clubhouse, playground, and commercial strips. There is also 24-hour security to protect everyone’s safety. Pet owners will be pleased to learn that it is a pet-friendly community.
Furthermore, this resort-style condominium in Bacolod provides the ideal balance of comfort and convenience. Camella Manors Bacolod is conveniently situated near shopping malls, hospitals, schools, tourist attractions, and commercial centers.